McGlone warns BTC mirrors 2018, 2022 bear markets

Mike McGlone, Bloomberg Intelligence macro strategist, stated that Bitcoin is exhibiting a pattern similar to its bear markets in 2018 and 2022. He suggested that Bitcoin's projected rise to over 100000 dollars in 2025 may be excessive, noting that the price action based on the 50-week moving average indicates a decline akin to previous bear markets. McGlone highlighted that, unlike past BTC bear markets, similar weaknesses have not yet been observed in the S&P 500 index or in metal and copper prices. He emphasized that Bitcoin, which was introduced in 2009, has historically acted as a leading indicator for risk assets, implying that its current decline could foreshadow broader losses in other asset classes. Additionally, he pointed out that increasing expectations for Federal Reserve rate hikes may signal the end of the rally in risk-asset prices, asset-value expansion, and the inflation phase.